Binance says it has finished covering the $6.34 billion hack losses and publishes a new proof-of-reserves snapshot

Binance said on Thursday, November 12, 2026, that it has finished covering the customer assets affected by the October 29 hack, two weeks after the theft. The exchange also published a new proof-of-reserves snapshot covering 198 tokens, according to its announcement. Users cannot yet check the claim themselves: Binance said the cryptographic proof will take about 40 to 50 hours to generate.

What Binance said

"Binance has completed coverage of assets impacted in the security incident," the announcement says. After the theft the exchange "committed more than $6.34 billion in company funds to cover the losses" and began buying the affected tokens through market and over-the-counter channels, it said.

Binance said the purchases were paid for with a partial use of SAFU, its emergency fund for users, a portion of its futures insurance fund above the level its risk rules require, and its own treasury. It said it has committed to replenishing SAFU to about $1 billion.

A very small number of tokens that Binance no longer supports were also affected; those will be handled through its delisting process and their holders will be covered, the exchange said.

The proof-of-reserves snapshot

A proof of reserves is a check meant to show that an exchange holds at least as much of each asset as it owes its customers. Binance said it took a new snapshot at 00:00 UTC on November 12 that covers 198 tokens. The announcement makes no comparison; the check it published in early November covered ten cryptocurrencies.

The full zero-knowledge proof, the part that lets a user verify their own balance without seeing anyone else's, will take about 40 to 50 hours to generate, Binance said. After that, users who hold the affected tokens "will be able to independently verify that their assets are backed at a minimum of 1:1," according to the announcement. Until then the 1:1 backing is the exchange's own statement, as Bitcoin Magazine also noted.

Why it matters

The theft is the largest crypto hack on record, according to Bitcoin Magazine, and Binance had reported its progress in steps: about 95% of the stolen assets replaced when it began reopening withdrawals on November 1, then about 98%. Thursday's statement is the first in which it says the process is complete.

The announcement does not name an attacker or give a figure for recovered funds. The FBI has attributed the theft to a North Korean group. North Korea has rejected that attribution.

What it could mean for traders

In our assessment, two things remain to be seen. The first is whether the zero-knowledge proof, which Binance said takes about 40 to 50 hours to generate, matches what the exchange has said. The second is how quickly withdrawals for the remaining assets reopen; Binance gave no dates. A proof of reserves shows assets against customer balances at one moment. It is not an audit of the company's finances.